"Elizabeth Holmes Banned from Federal Health Programs for 90 Years"

 Elizabeth Holmes, the disgraced founder of the notorious blood-testing startup Theranos, has been excluded from participating in federal health programs for an astounding nine decades, as announced by the Department of Health on Friday.

This exclusion implies that Holmes is prohibited from receiving payments from federal health programs for any services or products, severely limiting her ability to work in the healthcare sector. Additionally, it bars her from involvement in Medicare, Medicaid, and other federal health care programs. With a 90-year term, this exclusion essentially spans a lifetime for Holmes, who is currently 39.

Inspector General Christi Grimm of the Department of Health and Human Services' Office of Inspector General made the announcement. Holmes is currently serving an 11-year, three-month sentence for defrauding investors in Theranos, the blood-testing startup she founded in 2003. During that time, Holmes falsely claimed to have developed groundbreaking technology capable of performing numerous medical tests with a mere drop of blood from a finger prick. This grandiose assertion propelled Theranos' valuation to an astonishing $9 billion in 2014, leading to lucrative partnerships. However, the technology proved to be non-functional, resulting in the company's collapse in 2018 and Holmes' fraud conviction in 2022.

In the official statement, the health department highlighted that the statutory minimum for exclusions in cases like Holmes' is just five years. However, the term is influenced by various factors, including the duration of the fraud, the length of the prison sentence, and the amount of restitution ordered. In addition to her 11-year prison term, Holmes was ordered to pay approximately $452,047,200 in restitution, as noted by the HHS-OIG.

"Accurate and dependable diagnostic testing technology is imperative to our public health infrastructure. False statements related to the reliability of these medical products can endanger the health of patients and sow distrust in our health care system," said Grimm. "As technology evolves, so do our efforts to safeguard the health and safety of patients, and HHS-OIG will continue to use its exclusion authority to protect the public from bad actors."

The HHS-OIG also extended a 90-year exclusion from federal health programs to former Theranos President Ramesh Balwani, who, like Holmes, was convicted of fraud and is currently serving a nearly 13-year sentence.

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